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03-07-2009, 01:51 PM
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I am thinking of buying a new house, mortgage
insurance? I am thinking of buying a new house! my question is the house was appraised at $180,000 but i can buy if for $125,000 and i would have 7% for a down payment. Would i have to have get mortgage insurance because i would be mortgaging less the 80% of the total value of the home? Thanks allot
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03-07-2009, 02:36 PM
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Yes, you would definitely have to have home owner's insurance. It's really not that expensive, and a smart idea anyway. I suggest you have them take it out of your monthly payments. Makes it easier to stay on top of it that way. Also, don't forget about the property tax payments. also something I personally think is best to include with my monthly mortgage payments. Good luck!
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